Counting Inventory on the Warehouse Floor and Tracing the Count

question 79

Multiple Choice

Counting inventory on the warehouse floor and tracing the count to the inventory compilation provides evidence to support which management (PCAOB) assertion?

• A)Existence or occurrence.
• B)Completeness.
• C)Rights and obligations.
• D)Valuation or allocation.

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Definitions:

Breach Of Contract

Not meeting any obligation of a contract, either in writing or spoken, without a justifiable legal justification.

Legal Action

A process of taking a dispute to a law court to obtain a legal judgment.

Tender

The act of performing a contract or the offer of payment of money due under a contract.

Doctrine Of Frustration

A legal principle that allows a contract to be discharged when an unforeseen event makes contractual obligations impossible to perform, or fundamentally changes the party’s principal purpose for entering into the contract.